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Harris Amasses $1.6 Billion Glencore Stake in Rebound Bet

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Glencore Plc investor Harris Associates LP, one of the biggest shareholders in the commodity trader and miner, is betting this year’s worst performer on the U.K.’s benchmark stock index will recover.

Harris increased its stake to 4.5 percent by buying shares in the past 30 days as Glencore tumbled, said David Herro, chief investment officer for international stocks. Harris is now Glencore’s fourth-largest shareholder with a stake worth about $1.6 billion based on Tuesday’s closing price. It owned about 1 percent as of June 30, according to public filings, and hasn’t previously disclosed its increased holding.